Opalesque Islamic Finance Briefing » Accounting and Audit http://www.opalesque.com/IslamicFinance_Briefing Mon, 26 Aug 2013 06:56:06 +0000 http://wordpress.org/?v=2.6 en AAOIFI to convene its Annual Shariah conference http://www.opalesque.com/IslamicFinance_Briefing/?p=20104 http://www.opalesque.com/IslamicFinance_Briefing/?p=20104#comments Tue, 02 Apr 2013 01:08:30 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20104 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20104>Article Link</a> Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) will host the the AAOIFI Annual Shari’a Conference on 15 and 16 April 2013 in Manama, Kingdom of Bahrain. The conference will be held under the auspices of the Central Bank of Bahrain.
H. E. Shaikh Ibrahim bin Khalifa Al Khalifa, Chairman of AAOIFI Board of Trustees explained that “The conference will bring to together the leading Shari’a Scholars and Islamic finance industry practitioner from across the globe. The discussions at the conference will help AAOIFI on our standard-setting efforts, and ensure that our standards can continue to support the industry growth and expansion.”……………………………………….Full Article: Source

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AAOIFI wins Islamic finance industry award http://www.opalesque.com/IslamicFinance_Briefing/?p=19862 http://www.opalesque.com/IslamicFinance_Briefing/?p=19862#comments Fri, 08 Mar 2013 01:17:49 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=19862 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=19862>Article Link</a> Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has been given the award for Most Outstanding Standard Setting Body by Islamic Finance News, an industry publication. The award was presented to AAOIFI at a ceremony in Dubai, United Arab Emirates, recently and accepted by Dr. Khaled R. Al Fakih, Secretary General and CEO of AAOIFI.
Dr. Al Fakih said that “In receiving the award, we are honouring the exceptional work of members of our Shari’a Board as well as Accounting and Auditing Standards Board and their committees in developing and reviewing AAOIFI standards. The award also reflects the tireless effort of the Chairman and members of our Board of Trustees in providing strategic oversight and guidance for AAOIFI operations.” (Press Release)

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Ernst & Young signs pact on Shariah certification http://www.opalesque.com/IslamicFinance_Briefing/?p=19832 http://www.opalesque.com/IslamicFinance_Briefing/?p=19832#comments Wed, 06 Mar 2013 00:27:21 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=19832 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=19832>Article Link</a> Ernst & Young signed a working agreement with Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) to assist in Sharia certification of Core Banking Systems (CBS) used by Islamic banks. On the back of this mandate, Ernst & Young is launching its new Advisory Solution, CBS Sharia Assessment, to assist international and regional technology firms.
The agreement was signed by AAOIFI’s Secretary-General Dr Khaled al Fakih and Essa al Jowder, Office Managing Partner, Ernst & Young Bahrain. The certification programme will assess CBS services to ensure that they conform to the approved global Sharia and accounting standards………………………………………..Full Article: Source

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AAOIFI wins Islamic finance industry award http://www.opalesque.com/IslamicFinance_Briefing/?p=19831 http://www.opalesque.com/IslamicFinance_Briefing/?p=19831#comments Wed, 06 Mar 2013 00:27:05 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=19831 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=19831>Article Link</a> Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has been given the award for Most Outstanding Standard Setting Body by Islamic Finance News, an industry publication. The award was presented to AAOIFI at a ceremony in Dubai, United Arab Emirates, recently and accepted by Dr. Khaled R. Al Fakih, Secretary General and CEO of AAOIFI .
Dr. Al Fakih said that “In receiving the award, we are honouring the exceptional work of members of our Shari’a Board as well as Accounting and Auditing Standards Board and their committees in developing and reviewing AAOIFI standards. The award also reflects the tireless effort of the Chairman and members of our Board of Trustees in providing strategic oversight and guidance for AAOIFI operations.” (Press Release)

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AAOIFI and Ernst and Young to cooperate on Islamic core banking system certification http://www.opalesque.com/IslamicFinance_Briefing/?p=19667 http://www.opalesque.com/IslamicFinance_Briefing/?p=19667#comments Wed, 20 Feb 2013 00:13:10 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=19667 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=19667>Article Link</a> Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and Ernst & Young have entered into an exclusive agreement to carry out certification of financial software products or core banking systems for Islamic banking and finance industry.
The certification program will see AAOIFI and Ernst & Young working together in benchmarking financial software products or core banking systems against AAOIFI’s Shari’a and Accounting standards. Under the certification program, banking and financial information technology providers will have the opportunity to properly incorporate AAOIFI standards in their products and systems…………………………………….Full Article: Source

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Need to streamline Islamic finance industry urged http://www.opalesque.com/IslamicFinance_Briefing/?p=19102 http://www.opalesque.com/IslamicFinance_Briefing/?p=19102#comments Thu, 20 Dec 2012 00:13:26 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=19102 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=19102>Article Link</a> The rapid global growth in Islamic finance means that action must be taken to ensure that the way in which it is reported financially is harmonised and made more consistent, a report, based on a series of high level international roundtables, by KPMG and ACCA (the Association of Chartered Certified Accountants) has concluded.
The report calls on the International Accounting Standards Board (IASB) and the Islamic finance industry to work together to develop guidance and standards and educate the investor community on key issues………………………………………..Full Article: Source

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Call for harmonised Islamic financial reporting http://www.opalesque.com/IslamicFinance_Briefing/?p=18951 http://www.opalesque.com/IslamicFinance_Briefing/?p=18951#comments Thu, 06 Dec 2012 01:31:40 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=18951 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=18951>Article Link</a> A new report by the Association of Chartered Certified Accountants (ACCA) and KPMG has called for standard setters and Islamic banks to work together to harmonise financial reporting. ACCA said the rapid global growth in Islamic finance meant that it must be reported in a way that was harmonised and more consistent.
“The report calls on the International Accounting Standards Board (IASB) and the Islamic finance industry to work together to develop guidance, standards and educate the investor community on key issues,” it said in a statement………………………………………..Full Article: Source

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AAOIFI is eyeing new reporting standards http://www.opalesque.com/IslamicFinance_Briefing/?p=18950 http://www.opalesque.com/IslamicFinance_Briefing/?p=18950#comments Thu, 06 Dec 2012 01:31:27 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=18950 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=18950>Article Link</a> The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is actively looking at revision of existing standards and to introduce new ones to keep abreast of the challenging requirements of industry in financial reporting.
“In 2012, AAOIFI issued a new standard for investment in real estate which will be effective from January 1,” KPMG Islamic Financial Services partner Mahesh Balasubramanian said………………………………………..Full Article: Source

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Standardisation of accounting, auditing, risk management is key focus of AAOIFI World Bank conference in Bahrain, said AAOIFI Secretary Gen. Dr Fakih http://www.opalesque.com/IslamicFinance_Briefing/?p=18949 http://www.opalesque.com/IslamicFinance_Briefing/?p=18949#comments Thu, 06 Dec 2012 01:31:15 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=18949 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=18949>Article Link</a> The focus of the two – day Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) World Bank Annual Conference in Bahrain was on the standardization of Shari’a, accounting, auditing, governance, ethics and risk management for Islamic finance, said Dr Khaled Al Fakih, AAOIFI Secretary General on the sidelines of the AAOIFI World Bank Annual Conference in Bahrain.
In an exclusive to Bahrain News Agency, he said that there were six sessions altogether at the conference, with three session covered on day one. The AAOIFI’s primary objectives is on standardization of Islamic finance practices………………………………………..Full Article: Source

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Islamic finance reporting needs consistency, says report http://www.opalesque.com/IslamicFinance_Briefing/?p=18851 http://www.opalesque.com/IslamicFinance_Briefing/?p=18851#comments Wed, 28 Nov 2012 01:01:32 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=18851 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=18851>Article Link</a> Islamic finance reporting requirements need more harmonisation and consistency, according to a report by KPMG and ACCA. Guidance is needed on applying international financial reporting standards (IFRS) when accounting for some Islamic financial products. Further help is needed to deal with the reporting to stakeholders of information on an entity’s Sharia-compliant operations.
The calls follow a series of KPMG and ACCA roundtable discussions, which included representatives of Islamic finance experts, bankers and other finance professionals………………………………………..Full Article: Source

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IFC, ISRA aim to set the agenda for the evolution of Shariah auditing http://www.opalesque.com/IslamicFinance_Briefing/?p=18037 http://www.opalesque.com/IslamicFinance_Briefing/?p=18037#comments Tue, 18 Sep 2012 01:35:03 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=18037 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=18037>Article Link</a> A new report by the Islamic Finance Council UK (IFC), a not-for-profit promotional body and the Malaysia-based International Shari’ah Research Academy for Islamic Finance (ISRA), highlights the glaring gap in external Shari’ah audit practice.
Shari’ah audit practices continue to remain an opaque area with varied practices. Recent very public challenges on the Shari’ah authenticity of certain Sukuk structures, exemplify the need to readdress the Shari’ah assurance, governance and certification process………………………………………..Full Article: Source

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Global Islamic finance standards come to Australia, Malaysia, Singapore, and New Zealand http://www.opalesque.com/IslamicFinance_Briefing/?p=16853 http://www.opalesque.com/IslamicFinance_Briefing/?p=16853#comments Tue, 12 Jun 2012 00:34:01 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=16853 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=16853>Article Link</a> Ethica Institute of Islamic Finance, the most heavily-enrolled Islamic finance program in the world, will be the first globally recognized institute to bring fully AAOIFI-compliant certification to Australia, Malaysia, Singapore, and New Zealand. AAOIFI is the Accounting and Auditing Organization for Islamic Financial Institutions, the de facto standard for over 90% of the world’s jurisdictions.
“Because of the vast distance between the Gulf and South East Asia, the two regions historically developed their industries quite separately from each other. With Ethica’s 100% online platform, we finally bridge the distance with globally recognized certification that harmonizes standards across regions,” said Ethica’s spokesperson. The institute leads the Islamic finance certification industry with over 20,000 paying users in 44 countries and a network of resellers in 10 countries. (Press Release)

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Islamic finance trainers introduce more ‘Shariah standards’ http://www.opalesque.com/IslamicFinance_Briefing/?p=16610 http://www.opalesque.com/IslamicFinance_Briefing/?p=16610#comments Fri, 25 May 2012 00:37:28 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=16610 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=16610>Article Link</a> The Islamic Finance trainers have introduced seven more Sharia Standards for the Islamic Banks and Institutions in the United Arab Emirates, calling on operators to hold ‘meetings on regular basis’ to meet industry’s growing demand.”
The launch of the standards, which were developed by the Bahrain based premium Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and held at the Grand Hyatt Hotel in Dubai on Wednesday was attended by dozens of financial institutions and trainers………………………………………..Full Article: Source

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Effective control of Basel III rules urged http://www.opalesque.com/IslamicFinance_Briefing/?p=16604 http://www.opalesque.com/IslamicFinance_Briefing/?p=16604#comments Thu, 24 May 2012 01:16:08 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=16604 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=16604>Article Link</a> “The Basel III rules are almost rendered meaningless without effective supervision. They should be implemented in full on a timely and sustainable basis,” said William Coen, Deputy Secretary General of the Basel Committee on Banking Supervision, Bank of International Settlements (BIS), the group of 27 Governors of Supervisory Authorities that set the rules of the game for international banking.
This is a challenge for any standard-setting body in international financial services, including IOSCO (International Organization of Securities Commissions), IASB (International Accounting Standards Board), IFSB (Islamic Financial Services Board), and AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions)………………………………………..Full Article: Source

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Auditing body unveils 7 Shariah standards http://www.opalesque.com/IslamicFinance_Briefing/?p=16603 http://www.opalesque.com/IslamicFinance_Briefing/?p=16603#comments Thu, 24 May 2012 01:15:53 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=16603 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=16603>Article Link</a> The Accounting and Auditing Organisation for Islamic Financial Institutions, or AAOIFI, announced on Wednesday new seven Shariah standards in Dubai. The new standards include; Financial Rights and its Management, the Regulations of Liquidity Management, Bankruptcy, Capital and Investment Protection, Agency in Investment, Calculation of the Profit Transactions and Options of Trust.
The new standards shall be added to the existing 41 Shariah standards and the 40 accounting standards which have been announced previously. The event was organised by Menhaj Advisory, which also discussed the standards with the Islamic Bank industry practitioners and how to implement the same in their applications………………………………………..Full Article: Source

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Noor backs Islamic finance industry reform http://www.opalesque.com/IslamicFinance_Briefing/?p=16594 http://www.opalesque.com/IslamicFinance_Briefing/?p=16594#comments Thu, 24 May 2012 01:14:00 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=16594 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=16594>Article Link</a> Noor Islamic Bank is backing what could be Islamic finance’s biggest shake up in years, lending its support to the announcement of seven new standards from the Middle East’s leading Islamic finance regulator, the Accounting and Auditing Organization for Islamic Financial Institutions ( AAOIFI ).
The new standards govern key areas of Islamic finance, including financial rights and their management, liquidity management; bankruptcy, capital and investment protection, agency investment, calculation of profits transaction and options of trust………………………………………..Full Article: Source

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NIB backs AAOIFI’s efforts to reform Islamic finance industry http://www.opalesque.com/IslamicFinance_Briefing/?p=16559 http://www.opalesque.com/IslamicFinance_Briefing/?p=16559#comments Tue, 22 May 2012 01:49:43 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=16559 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=16559>Article Link</a> NIB is backing what could be Islamic finance’s biggest shake up in years, lending its support to the announcement of seven new standards from the Middle East’s leading Islamic finance regulator, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
The new standards govern key areas of Islamic finance, including financial rights and their management; liquidity management; bankruptcy; capital and investment protection; agency investment; calculation of profits transaction and options of trust………………………………………..Full Article: Source

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AAOIFI completes seven new Shariah standards http://www.opalesque.com/IslamicFinance_Briefing/?p=16550 http://www.opalesque.com/IslamicFinance_Briefing/?p=16550#comments Mon, 21 May 2012 01:26:09 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=16550 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=16550>Article Link</a> The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) announces the finishing of new seven shari’a standards, which shall be added to the existing 41 shari’a standards and the 40 accounting standards which have been announced previously.
Dr. Abdul Sattar Abu Ghaddah, Chairman of Minhaj Advisory; said: “the new standards come in line with the rapid growth in the Islamic finance industry and to meet the Institutions needs while running their business; and there are more standards still under process”. The new standards are: financial rights and its management; the regulations of liquidity management; bankruptcy; capital and investment protection; agency in investment; calculation of the profit transactions; and options of trust. (Press Release)

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Islamic repo agreements struggle for traction http://www.opalesque.com/IslamicFinance_Briefing/?p=16439 http://www.opalesque.com/IslamicFinance_Briefing/?p=16439#comments Fri, 11 May 2012 01:24:46 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=16439 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=16439>Article Link</a> Islamic repurchase agreements may struggle to gain wide acceptance as a tool for financial institutions because the industry lacks clear rules governing their use, participants at a major industry conference told Reuters.
Liquidity management products such as Islamic repos were one of the main themes at the annual meeting of the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in Manama this week………………………………………..Full Article: Source

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Islamic finance institutions need to improve auditing http://www.opalesque.com/IslamicFinance_Briefing/?p=16413 http://www.opalesque.com/IslamicFinance_Briefing/?p=16413#comments Thu, 10 May 2012 00:55:35 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=16413 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=16413>Article Link</a> Auditors of Islamic financial institutions need better training to make sure they can conduct accurate assessments of products and practices, a major industry conference was told this week.
Internal teams of auditors check whether Islamic banks and other financial firms are obeying religious principles. They work with companies’ boards of scholars, who then issue rulings on whether specific financial instruments and activities comply with Shariah law………………………………………..Full Article: Source

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AAOIFI plans reform of takaful standards http://www.opalesque.com/IslamicFinance_Briefing/?p=16319 http://www.opalesque.com/IslamicFinance_Briefing/?p=16319#comments Wed, 02 May 2012 23:00:17 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=16319 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=16319>Article Link</a> Khaled Al Fakih, the new secretary-general of the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions, outlined plans for a sweeping review of its guidelines in an interview with Reuters.
“We would like to see insightful debate … that can help us develop standards that can benefit the industry,” Fakih told Reuters, ahead of AAOIFI’s annual meeting on 7 and 8 May………………………………………..Full Article: Source

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AAOIFI clarification of media reports http://www.opalesque.com/IslamicFinance_Briefing/?p=16318 http://www.opalesque.com/IslamicFinance_Briefing/?p=16318#comments Wed, 02 May 2012 22:59:50 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=16318 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=16318>Article Link</a> The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued clarification of recent news reports. Referring in particular to news carried by Reuters, AAOIFI said, “In particular, Thomson Reuters had included the following sentences in their reports:
AAOIFI plans to improve the operations of sharia boards by strengthening the certification process for scholars, Fakih said………………………………………..Full Article: Source

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World Bank MD urges Islamic finance standardisation http://www.opalesque.com/IslamicFinance_Briefing/?p=16313 http://www.opalesque.com/IslamicFinance_Briefing/?p=16313#comments Wed, 02 May 2012 00:07:06 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=16313 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=16313>Article Link</a> Lack of standardisation and cohesion in Islamic finance, especially in sukuk products, hinders the growth potential of the industry and deprives the market of an organised structure to facilitate secondary trading and liquidity.
World Bank managing director Dr Mahmoud Mohieldin said promoting standardisation is among the challenges in the Islamic finance landscape and the industry would benefit from more widely accepted benchmarks and indices………………………………………..Full Article: Source

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AAOIFI issues 7 shariah standards for Islamic finance http://www.opalesque.com/IslamicFinance_Briefing/?p=16311 http://www.opalesque.com/IslamicFinance_Briefing/?p=16311#comments Wed, 02 May 2012 00:06:38 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=16311 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=16311>Article Link</a> The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has introduced new guidelines for applying religious law to finance, as it prepares to launch a sweeping review of the industry.
The seven new standards, which help scholars decide whether financial activities and products conform with sharia law, address issues including financial rights, bankruptcy, capital protection, entrusting money to an agent for investment, and contract termination………………………………………..Full Article: Source

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Islamic finance ‘set to face’ its biggest shake-up in years http://www.opalesque.com/IslamicFinance_Briefing/?p=16287 http://www.opalesque.com/IslamicFinance_Briefing/?p=16287#comments Mon, 30 Apr 2012 01:10:19 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=16287 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=16287>Article Link</a> post thumbnail

Khaled Al FakihIslamic finance may face its biggest shake-up in years as a top standard-setting body seeks to reform the way the industry does business, including the role of highly paid scholars in enforcing religious principles.
Khaled Al Fakih, the new secretary-general of the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), outlined plans for a sweeping review of its guidelines in an interview with Reuters………………………………………..Full Article: Source

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Sharia scholar moots agency for standardising Islamic products http://www.opalesque.com/IslamicFinance_Briefing/?p=16232 http://www.opalesque.com/IslamicFinance_Briefing/?p=16232#comments Wed, 25 Apr 2012 01:36:26 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=16232 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=16232>Article Link</a> In light of the ongoing global financial climate, most world markets and sectors continue to be adversely impacted, including the Islamic finance sector, which is currently facing regulatory and practice-related reforms.
report recently published by the Deloitte Middle East Islamic Finance Knowledge Center (IFKC), entitled Empowering Risk Intelligence in Islamic finance: Managing Risk in Uncertain Times addresses and investigates the important issues in practice and regulation in Islamic finance in the current market challenges………………………………………..Full Article: Source

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AAOIFI to convene its Annual Shariah Conference http://www.opalesque.com/IslamicFinance_Briefing/?p=16151 http://www.opalesque.com/IslamicFinance_Briefing/?p=16151#comments Thu, 19 Apr 2012 00:58:50 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=16151 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=16151>Article Link</a> Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) will convene its Annual Shari’a Conference on 7 and 8 May 2012 in Manama, Kingdom of Bahrain. The conference will be held under the patronage of the Central Bank of Bahrain.
AAOIFI is the international body responsible for developing and issuing standards on Shari’a, accounting, auditing, ethics, and governance for the global Islamic finance industry. (Press Release)

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Islamic finance pressured to join accounting mainstream http://www.opalesque.com/IslamicFinance_Briefing/?p=16041 http://www.opalesque.com/IslamicFinance_Briefing/?p=16041#comments Mon, 09 Apr 2012 23:56:42 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=16041 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=16041>Article Link</a> Rapid growth of Islamic finance is increasing pressure for the industry to enter the accounting mainstream, by seeking guidance from the International Accounting Standards Board (IASB), the global body which sets the tone for book-keeping in conventional finance.
It would be a controversial move - by basing itself on religious principles, Islamic finance seeks to set itself apart from conventional finance. But some experts think the industry is becoming so big that it can no longer sit comfortably outside a trend towards harmonizing accounting rules across the world………………………………………..Full Article: Source

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Oman now a full-time member of apex body of Islamic institutions http://www.opalesque.com/IslamicFinance_Briefing/?p=16035 http://www.opalesque.com/IslamicFinance_Briefing/?p=16035#comments Mon, 09 Apr 2012 23:55:08 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=16035 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=16035>Article Link</a> The Malaysia-based Islamic Financial Services Board (IFSB) has approved Oman’s application for a full-time membership in the body, which formulates standards and guidelines for Sharia-compliant financial institutions across the world.
The decision was taken by IFSB board, which met in Kuala Lumpur on March 29. Oman’s stock market and insurance watchdog Capital Market Authority (CMA) represents the country in the body, said a CMA press release………………………………………..Full Article: Source

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Malaysian Government to detail Islamic finance parameters http://www.opalesque.com/IslamicFinance_Briefing/?p=15966 http://www.opalesque.com/IslamicFinance_Briefing/?p=15966#comments Thu, 05 Apr 2012 00:29:23 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=15966 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=15966>Article Link</a> Under Malaysia’s Economic Transformation Programme, Entry-Point Project 10 (EPP 10) the Government in Kuala Lumpur will issue Shari’ah parameters on Mudharabah, Musharakah, Ijarah and Istina this year.
EPP 10 has been formulated with the aim of increasing Malaysia’s share of global Islamic banking assets to 13 per cent in 2020 from eight per cent now. The latest Economic Transformation Programme (ETP) Annual Report 2011 released by the Performance Management and Delivery Unit (PEMANDU) also highlights plans for the Islamic Omnibus Act which encompasses licensing framework, supervisory powers, prudential requirements……………………………………….Full Article: Source

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Islamic finance accounting changes proposed http://www.opalesque.com/IslamicFinance_Briefing/?p=15951 http://www.opalesque.com/IslamicFinance_Briefing/?p=15951#comments Wed, 04 Apr 2012 01:16:19 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=15951 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=15951>Article Link</a> The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has proposed more detailed accounting standards for real estate while increasing disclosure for Islamic banks’ investment accounts.
The move by the Bahrain-based AAOIFI, one of the main standard-setting bodies in Islamic finance, suggests it is responding to the same kind of pressure to tighten standards that has been seen in the conventional finance industry since the global financial crisis erupted in 2008………………………………………..Full Article: Source

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Standard launched for Islamic profit rate swap http://www.opalesque.com/IslamicFinance_Briefing/?p=15878 http://www.opalesque.com/IslamicFinance_Briefing/?p=15878#comments Thu, 29 Mar 2012 00:11:29 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=15878 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=15878>Article Link</a> Khalid HamadIn an effort to help Islamic financial institutions hedge risk, global standard-setting bodies have launched a standard contract template for Islamic profit rate swaps (PRS).
By exchanging one cash flow for another, PRS function in a similar way to the interest rate swaps (IRS) widely used in conventional financial markets. But they do not use interest rates, which are banned under Islamic principles………………………………………..Full Article: Source

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Key Islamic standard for hedging launched http://www.opalesque.com/IslamicFinance_Briefing/?p=15877 http://www.opalesque.com/IslamicFinance_Briefing/?p=15877#comments Thu, 29 Mar 2012 00:11:12 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=15877 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=15877>Article Link</a> The International Islamic Financial Market (IIFM) and the International Swaps and Derivatives Association (ISDA) have launched the ISDA/IIFM Mubadalatul Arbaah (Profit Rate Swap) product standard to be used for Islamic hedging purposes.
The Mubadalatul Arbaah (MA) standard follows on from the ISDA/IIFM Tahawwut (Hedging) Master Agreement and provides the industry with a framework for Islamic risk mitigation………………………………………..Full Article: Source

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The challenge of standardising Shariah compliance http://www.opalesque.com/IslamicFinance_Briefing/?p=15536 http://www.opalesque.com/IslamicFinance_Briefing/?p=15536#comments Mon, 05 Mar 2012 00:35:56 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=15536 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=15536>Article Link</a> With an estimated worth of around $1.1 trillion in global assets, Islamic finance has experienced continuous growth against a backdrop of global economic turmoil affecting conventional markets.
While the appeal to gain exposure to safer and better performing alternatives is strong, the continuing lag in sharia rules harmonisation is putting a dampener on the market’s potential. ……………………………………….Full Article: Source

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Is Islamic finance ready for more standardization? http://www.opalesque.com/IslamicFinance_Briefing/?p=14848 http://www.opalesque.com/IslamicFinance_Briefing/?p=14848#comments Tue, 03 Jan 2012 00:31:29 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=14848 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=14848>Article Link</a> As new market participants enter the scene, Shariah banking continues to grow despite the threat of a global recession. But is the industry also progressing in terms of unity and transparency?
When bankers from East and West gathered in Manama at the 18th Annual World Islamic Banking Conference in November 2011, one topic was prevalent at nearly all discussion rounds: standardization………………………………………..Full Article: Source

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Al Fakih named AAOIFI secretary general http://www.opalesque.com/IslamicFinance_Briefing/?p=14811 http://www.opalesque.com/IslamicFinance_Briefing/?p=14811#comments Thu, 22 Dec 2011 00:12:46 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=14811 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=14811>Article Link</a> The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has announced the appointment of Dr Khaled Al Fakih as its new secretary- general. Chairman Shaikh Ebrahim bin Khalifa Al Khalifa said that the appointment had been made after carrying out the due process of selection.
“On behalf of AAOIFI and the board of trustees, I am pleased to welcome Dr Al Fakih to his new role and I am confident that he will steer the organisation to an even stronger position to discharge our responsibilities in developing and issuing standards for the international Islamic finance industry,” he added………………………………………..Full Article: Source

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Pakistan: State Bank to develop liquidity framework for IBIs http://www.opalesque.com/IslamicFinance_Briefing/?p=14782 http://www.opalesque.com/IslamicFinance_Briefing/?p=14782#comments Tue, 20 Dec 2011 00:33:58 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=14782 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=14782>Article Link</a> The central bank is currently at an advanced level of development of a comprehensive liquidity management solution for Islamic Banking Institutions (IBIs) following extensive efforts made both by the industry and the State Bank of Pakistan (SBP), the Governor, SBP, Yaseen Anwar has disclosed.
He said that this comprehensive liquidity management solution would include i) development of Islamic interbank money market, ii) development of Islamic Interbank Offered Rate (IIBOR) for use as a benchmark for pricing of Islamic finance products, iii) transformation of a sizeable portion of conventional sovereign debt in the books of central bank into Shariah-compliant debt,……………………………………….Full Article: Source

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ISRA embarks on ambitious strategic plan to strengthen its global reach http://www.opalesque.com/IslamicFinance_Briefing/?p=14582 http://www.opalesque.com/IslamicFinance_Briefing/?p=14582#comments Mon, 05 Dec 2011 00:40:30 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=14582 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=14582>Article Link</a> The Kuala Lumpur-based International Shariah Research Academy for Islamic Finance (ISRA), the Shariah research entity of Bank Negara Malaysia, the central bank, has embarked on an ambitious strategic plan for 2012 which focuses on strengthening its global reach, further enhancing the quality of its activities and increasing its connectivity with market players and industry stakeholders.
Since its establishment in 2008 with the vision of becoming “the Premier Shariah Research Centre in Islamic Finance”, ISRA has lived in the shadows of its sister organization INCEIF (the International Centre for Education in Islamic Finance), the Islamic finance education arm of Bank Negara Malaysia, which has assumed a much higher and aggressive profile………………………………………..Full Article: Source

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Islamic accounting standards in Kenya http://www.opalesque.com/IslamicFinance_Briefing/?p=14312 http://www.opalesque.com/IslamicFinance_Briefing/?p=14312#comments Mon, 14 Nov 2011 00:20:12 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=14312 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=14312>Article Link</a> The national body in charge of accountants in Kenya, the Institute of Certified Public Accountants of Kenya (ICPAK), wants Islamic finance institutions to take responsibility for upgrading the skills level among their staff to ensure that accounting standards in Shari’ah compliant companies are up to international financial reporting standards.
“It’s a question of expanding the knowledge and skills gap for accountants to appreciate Islamic finance processes because the accounting standards remain the same,” said Caroline Kigen, CEO of ICPAK………………………………………..Full Article: Source

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AAOIFI to look to develop Islamic finance standards http://www.opalesque.com/IslamicFinance_Briefing/?p=14179 http://www.opalesque.com/IslamicFinance_Briefing/?p=14179#comments Wed, 02 Nov 2011 00:39:50 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=14179 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=14179>Article Link</a> With no single interpretation of Islamic law, differences in rulings between scholars over whether products are sharia-compliant has led to a lack of standardisation in the industry. Resolving this issue is key to bringing about greater efficiency, transparency and cohesion – ultimately helping to raise the curtain for more Islamic business, says AAOIFI deputy secretary general Khairul Nizam.
Established as an industry body responsible for international Islamic finance standards on sharia, accounting, auditing, governance and ethics, Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) plays an important role in promoting standardisation and harmonisation of Islamic finance practices………………………………………..Full Article: Source

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Mena banks back impairment accounting plans http://www.opalesque.com/IslamicFinance_Briefing/?p=13392 http://www.opalesque.com/IslamicFinance_Briefing/?p=13392#comments Sun, 28 Aug 2011 23:56:15 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=13392 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=13392>Article Link</a> Majority of the banks in the Middle East and North Africa region expect impairment accounting proposals to improve financial statements, according to a survey by leading audit firm Deloitte.
The Mena-headquartered banks believe that International Financial Reporting Standards (IFRS 9) impairment accounting proposals will boost financial statements compared to those prepared using the current IAS 39 rules, said the new Deloitte inaugural global banking IFRS 9 impairment survey……………………………………….Full Article: Source

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CIMA launches Islamic finance qualification http://www.opalesque.com/IslamicFinance_Briefing/?p=12835 http://www.opalesque.com/IslamicFinance_Briefing/?p=12835#comments Wed, 13 Jul 2011 00:24:37 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=12835 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=12835>Article Link</a> The Chartered Institute of Management Accountants (CIMA) has launched an Advanced Diploma in Islamic Finance, aimed at encouraging more people to enter the field. The qualification, which was designed in consultation with a number of sharia experts, looks to create a global programme of study in the area.
The intention is to move away from the existing regional approaches which stem from the differing interpretations of Islamic finance between scholars, particularly between those in the Middle East and South East Asia……………………………………….Full Article: Source

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Islamic banking: Features of accounting http://www.opalesque.com/IslamicFinance_Briefing/?p=12807 http://www.opalesque.com/IslamicFinance_Briefing/?p=12807#comments Mon, 11 Jul 2011 00:25:04 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=12807 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=12807>Article Link</a> Now-a-days accountancy has become an important academic and professional discipline as the lingua franca or language of business. As such in the real life industrial scenario, accounting has become the vital part of the top management.
Although it is not a language of mass people, by this time some of the accounting knowledge has become the part of general knowledge, at least as a common business language. For example, study or observation of annual report of any company is a matter of common interest for any stakeholder from any discipline……………………………………….Full Article: Source

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KPMG, CIMA fly the flag for Islamic finance http://www.opalesque.com/IslamicFinance_Briefing/?p=12791 http://www.opalesque.com/IslamicFinance_Briefing/?p=12791#comments Fri, 08 Jul 2011 00:21:46 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=12791 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=12791>Article Link</a> KPMG AND CIMA have drawn attention to the burgeoning field of Islamic finance of late, as the firm has appointed a new global head and the institute today launched a new qualification.
The primary difference between Islamic finance and its western counterpart is that, under Shariah law, earning interest is illegal. To get around this, complex structures are put in place that allow lenders to profit from their capital; this can be problematic in western markets, though, because products are often penalised by tax regimes……………………………………….Full Article: Source

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Since 2012 Turanbank to start rendering services on Islamic banking standards http://www.opalesque.com/IslamicFinance_Briefing/?p=12533 http://www.opalesque.com/IslamicFinance_Briefing/?p=12533#comments Wed, 22 Jun 2011 00:31:06 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=12533 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=12533>Article Link</a> Azerbaijani banks expand involvement in the process of activity on Islamic banking principles. Chairman of Turanbank’s Supervisory Board Fuad Musayev has reported that at present tender phase is underway for selection of the consultant on introduction of Islamic banking’s “window”.
” We have already given requests to potential consultants and expect their answers which we will evaluate and make a choice. In parallel national legislation analysis is ongoing “,- F. Musayev said. The bank sees Bahrain, Great Britain or Malaysian companies as its consultants……………………………………….Full Article: Source

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MAS throws weight behind IFSB http://www.opalesque.com/IslamicFinance_Briefing/?p=12399 http://www.opalesque.com/IslamicFinance_Briefing/?p=12399#comments Mon, 13 Jun 2011 00:51:59 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=12399 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=12399>Article Link</a> Singapore has been a bit of a quiet achiever in the Islamic finance scene overall but the Monetary Authority of Singapore fairly shone in the first session of the IFSB Seminar on Strategies for Development of Islamic Capital Markets held in Singapore.
Tai Book Leong, the executive director of MAS, gave a robust opening speech that offered a précis of Singapore’s achievements in Islamic finance to date, from the MAS Sukuk through to the SABANA REIT and a run-down of Singapore’s success in linking its leadership role in management education to Islamic finance education - all of which bodes well for the future………………………………………Full Article: Source

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Gulf states plan supreme Shariah council for banks http://www.opalesque.com/IslamicFinance_Briefing/?p=12366 http://www.opalesque.com/IslamicFinance_Briefing/?p=12366#comments Fri, 10 Jun 2011 00:36:23 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=12366 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=12366>Article Link</a> Gulf states are working towards the creation of a single Sharia board for the region’s Islamic financial institutions, said Hussain Hamed Hassan, head of Dubai Islamic Bank PJSC’s Sharia committee and chairman of the Sharia Coordination Committee of the Islamic Financial Institutions in the UAE.
Speaking at the launch of Hawkamah Institute’s policy brief on corporate governance of Islamic banks and Islamic financial institutions, Hassan said creation of a supreme Sharia council will help in co-ordinating the rulings of various Sharia councils and supervisory boards in the region and will reduce the possibility of differences………………………………………..Full Article: Source

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Gulf states plan to have united Shariah council by 2021 http://www.opalesque.com/IslamicFinance_Briefing/?p=12352 http://www.opalesque.com/IslamicFinance_Briefing/?p=12352#comments Thu, 09 Jun 2011 00:53:53 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=12352 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=12352>Article Link</a> Gulf Arab states may have a single Shariah board for the region’s Islamic financial institutions in five to 10 years, a Shariah scholar said in Dubai today.
A “supreme Shariah council” will help reduce the cost of issuing sukuk and boost Islamic services offered by financial institutions that comply with the religion’s ban on interest, said Hussain Hamed Hassan, head of Dubai Islamic Bank PJSC (DIB)’s Shariah committee………………………………………..Full Article: Source

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Gulf Islamic finance eyes single sharia board http://www.opalesque.com/IslamicFinance_Briefing/?p=12338 http://www.opalesque.com/IslamicFinance_Briefing/?p=12338#comments Thu, 09 Jun 2011 00:50:20 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=12338 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=12338>Article Link</a> The Islamic finance industry in the Gulf is moving towards a centralised sharia board as scholars from leading countries join a common United Arab Emirates entity, a leading Islamic scholar said.
The United Sharia Board, which began drawing scholars from local Islamic institutions two years ago, now has two members from Saudi Arabia and one scholar each from Kuwait and Qatar, Scholar Hussein Hamid Hassan said at the launch of a policy briefing on corporate governance in Islamic finance………………………………………..Full Article: Source

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AAOIFI convenes its Annual Shariah Conference http://www.opalesque.com/IslamicFinance_Briefing/?p=12233 http://www.opalesque.com/IslamicFinance_Briefing/?p=12233#comments Thu, 02 Jun 2011 00:19:49 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=12233 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=12233>Article Link</a> Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is hosting its Annual Shari’a Conference, under the auspices of the Central Bank of Bahrain (CBB), on 30th and 31st May 2011 at the Gulf Convention Centre, Gulf Hotel, Manama, Kingdom of Bahrain.
“This Conference, which is a premier event for the international Islamic finance industry, brings together leading Shari’a scholars, senior representatives of regulatory authorities, and senior Islamic finance practitioners. There are important industry issues that need to be discussed and addressed so that Islamic finance industry can be in a stronger position to realise its full potential. Discussion at the conference will also help AAOIFI in our effort to review and develop international Islamic finance standards.” said Dr. Mohamad Nedal Alchaar, Secretary General, AAOIFI. (Press Release)

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AAOIFI forum a big success http://www.opalesque.com/IslamicFinance_Briefing/?p=12232 http://www.opalesque.com/IslamicFinance_Briefing/?p=12232#comments Thu, 02 Jun 2011 00:19:30 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=12232 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=12232>Article Link</a> Around 400 delegates from more than 20 countries from as far afield as South Africa, North Africa, Asia and Europe took part in this year’s Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) annual conference.
That was roughly the same turnout as last year’s event suggesting that interest in the conference has not been affected by worries by the recent unrest in the kingdom, according to AAOIFI deputy general secretary Khairul Nizam……………………………………….Full Article: Source

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Shariah standards ‘essential for Islamic finance growth’ http://www.opalesque.com/IslamicFinance_Briefing/?p=12221 http://www.opalesque.com/IslamicFinance_Briefing/?p=12221#comments Tue, 31 May 2011 23:44:32 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=12221 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=12221>Article Link</a> post thumbnail

Shaikh Ebrahim bin Khalifa Al Khalifa Sharia standards are essential to Islamic finance because they promote harmonisation of international standards, enhance users’ confidence and encourage growth in demand. That was the message from Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) chairman Shaikh Ebrahim bin Khalifa Al Khalifa.
“Most importantly, Sharia standards provide clarity to the industry on rules and principles that must be incorporated into Islamic financial operations so as to ensure full compliance with Sharia principles,” he said……………………………………….Full Article: Source

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Islamic finance industry expands into new markets http://www.opalesque.com/IslamicFinance_Briefing/?p=12220 http://www.opalesque.com/IslamicFinance_Briefing/?p=12220#comments Tue, 31 May 2011 23:44:15 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=12220 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=12220>Article Link</a> Dr Mohammad Nedal AlchaarIn his nine years as secretary general of the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), Dr Mohammad Nedal Alchaar has seen massive changes and developments in the industry.
“What the Islamic finance industry needed back then was to develop international financial standards and AAOIFI has gone a long way to achieving this with Islamic finance now not only growing across the Muslim world but developing in the West because of its efficient practice and strong regulatory standards,” he said……………………………………….Full Article: Source

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KHCB backs accounting summit http://www.opalesque.com/IslamicFinance_Briefing/?p=12207 http://www.opalesque.com/IslamicFinance_Briefing/?p=12207#comments Tue, 31 May 2011 23:40:33 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=12207 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=12207>Article Link</a> Khaleeji Commercial Bank (KHCB), a leading Bahrain-based Islamic retail bank, has announced its platinum sponsorship of a major accounting and auditing conference held recently in Bahrain.
The AAOIFI’s (Accounting and Auditing Organisation for Islamic Financial Institutions) 10th annual conference was held under the patronage of Rasheed Al Maraj, Governor of Central Bank of Bahrain……………………………………….Full Article: Source

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Experts find ways to boost financial reporting by IFIs http://www.opalesque.com/IslamicFinance_Briefing/?p=11954 http://www.opalesque.com/IslamicFinance_Briefing/?p=11954#comments Fri, 13 May 2011 02:07:18 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=11954 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=11954>Article Link</a> A roundtable meeting of senior bank officials and finance professionals held in Dubai has come up with a number of recommendations on how to strengthen financial reporting by Islamic financial institutions (IFI).
The meeting, one of a series organised by Big Four accounting firm KPMG and ACCA (the Association of Chartered Certified Accountants), was intended to develop recommendations that can be presented to the International Accounting Standards Board (IASB) on whether to develop specific guidance or a separate financial reporting standard for Islamic financial institutions………………………………………Full Article: Source

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In search for a global standard in Islamic banking http://www.opalesque.com/IslamicFinance_Briefing/?p=11518 http://www.opalesque.com/IslamicFinance_Briefing/?p=11518#comments Thu, 07 Apr 2011 22:50:27 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=11518 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=11518>Article Link</a> post thumbnail

Khalid Ferdaus HowladarIslamic banking is growing rapidly in the aftermath of the global financial crisis, but it desperately needs a global set of standards that every country and institution accepts. Speaking to the Hürriyet Daily News in Istanbul, an expert says the Turkish Central Bank might ‘take the lead’ in this effort. ‘Risk has no religion,’ says Khalid Ferdaus Howladar of Moody’s, adding that he likes the Turkish term ‘participation bank’

Noting the often-contradictory interpretations of the principles of Islamic banking, Khalid Ferdaus Howladar, the vice president and senior credit officer of Moody’s in the Middle East, suggested that the Turkish Central Bank might “take the lead” in establishing a global standard that would help Islamic banking become more transparent……………………………………..Full Article: Source

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Islamic banking: A gross accounting misnomer http://www.opalesque.com/IslamicFinance_Briefing/?p=11512 http://www.opalesque.com/IslamicFinance_Briefing/?p=11512#comments Thu, 07 Apr 2011 22:48:30 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=11512 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=11512>Article Link</a> Islamic banks extend investment (Credit/ Loans & Advances) under different modes. Under trading modes they can sell commodities on credit to its clients at a profit over cost price. Our topic would be to talk about their recording procedure thereon.
As usual, a sale in the book of bank is recorded in the name of the purchaser in the form of respective investment account, say, Murabaha (Muajjal) for the sale price. Bank records it to the debit of the concerned investment account with corresponding 2 entries, separately for cost price and the profit ……………………………………..Full Article: Source

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Turkey: In search for a global standard in Islamic banking http://www.opalesque.com/IslamicFinance_Briefing/?p=11505 http://www.opalesque.com/IslamicFinance_Briefing/?p=11505#comments Thu, 07 Apr 2011 00:47:58 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=11505 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=11505>Article Link</a> Islamic banking is growing rapidly in the aftermath of the global financial crisis, but it desperately needs a global set of standards that every country and institution accepts. Speaking to the Hürriyet Daily News in Istanbul, an expert says the Turkish Central Bank might ‘take the lead’ in this effort.
‘Risk has no religion,’ says Khalid Ferdaus Howladar of Moody’s, adding that he likes the Turkish term ‘participation bank’…………………………………….Full Article: Source

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Sri Lanka: Two leading professional bodies collaborate to deliver Islamic Banking and Finance programme http://www.opalesque.com/IslamicFinance_Briefing/?p=11348 http://www.opalesque.com/IslamicFinance_Briefing/?p=11348#comments Thu, 24 Mar 2011 01:14:39 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=11348 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=11348>Article Link</a> The Chartered Institute of Management Accountants (CIMA) Sri Lanka Division and the Bar Association of Sri Lanka (BASL) are jointly organising a programme on Islamic Finance and Banking on 28 March 2011.
‘Islamic finance, despite its name, is not a religious product. It is however a growing series of financial products developed to meet the requirements of a specific group of people.’………………………………………Full Article: Source

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Sri Lanka lawyers, accountants promote Islamic finance http://www.opalesque.com/IslamicFinance_Briefing/?p=11296 http://www.opalesque.com/IslamicFinance_Briefing/?p=11296#comments Mon, 21 Mar 2011 00:07:37 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=11296 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=11296>Article Link</a> Top organizations representing Sri Lanka’s lawyers and accountants have brought together experts in Islamic finance to broaden understanding of one of the faster growing niches in the financial sector.
The Chartered Institute of Management Accountants (CIMA) Sri Lanka Division and the Bar Association of Sri Lanka (BASL) said they are hosting program on Islamic Finance and Banking on March 28……………………………………….Full Article: Source

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